Reliance's Jio Platforms Targets Navratri-Diwali Window For $4-Bn IPO Launch

Jio Platforms, the digital and telecom arm of Mukesh Ambani's Reliance Industries, is likely to launch its initial public offering around the last week of October, coinciding with Navratri, according to a report by the Economic Times.

An unnamed source told the publication that the company could also push the launch into the first week of November if the Navratri window does not work out, or consider timing it around Diwali instead.

The report said Jio is expected to lock in exact dates within the next fortnight, after which it will kick off roadshows abroad before moving to domestic investors. The company has planned three weeks of international roadshows followed by two weeks at home.

Navratri runs from October 11 to Dussehra on October 20 this year, meaning the overseas leg of the roadshow could begin as early as next week if the company sticks to that timeline. Dhanteras falls on November 6 and Diwali on November 8.

Sebi Clearance Already In Hand

Jio had filed its draft red herring prospectus in June and received approval from the Securities and Exchange Board of India (Sebi) on August 28 to proceed with the share sale. Bankers tracking the issue estimate it could raise around ₹37,800 crore, which would make it the largest public offering in India's history, ahead of the ₹31,000-crore IPO planned by the National Stock Exchange. The current record holder is Hyundai Motor India, which raised ₹27,000 crore through its 2024 listing.

Per the draft prospectus, Jio Platforms intends to issue up to 270 million fresh equity shares, amounting to roughly 2.9% of its post-IPO equity base. There is no offer-for-sale component built into the issue. This will mark Reliance Industries' first IPO in close to two decades, since Reliance Petroleum listed in 2006.

A part of the funds raised will go toward prepaying up to ₹27,500 crore of debt held by Reliance Jio Infocomm Limited, the operating subsidiary under Jio Platforms. The rest will be used for general corporate purposes. The prospectus states that Jio Platforms may channel this money into RJIL through equity shares, convertible or non-convertible preference shares, debentures, loans, or some combination of these routes.

Large investors together hold close to 30.9% of Jio Platforms. Meta Platforms affiliate Jaadhu Holdings owns 9.98%, while Google International holds 7.73%. Other stakeholders include Saudi Arabia's Public Investment Fund, affiliates of Silver Lake and Vista Equity, General Atlantic, KKR-linked entities, and investment arms of the Abu Dhabi Investment Authority.